anshu lukka by Anshu Lukka |Apr 11, 2022

MFAA Mentoring Program Outline

Below is a comprehensive overview of a potential structure and objectives of a mentoring program, designed to support mentors and mentees in accordance with the new MFAA guidelines. Please note that the below guidelines are developed for guidance purposes only and should be customized to suit your specific needs and situation. We encourage our broker partners to make any necessary modifications to best serve their unique mentoring relationships.

Goals and objectives

  • Purpose: The mentoring program aims to support new entrants in the mortgage broking industry by pairing them with experienced professionals who can provide guidance, share industry insights, and facilitate professional development.
  • Goals and objectives: The program seeks to foster strong relationships between mentors and mentees, enhance the mentees' knowledge and skills, and improve overall industry standards.

Mentor Eligibility and Selection Criteria

  • Professional experience: Mentors should have a minimum of 5 years of experience in the mortgage broking industry.
  • Industry knowledge: Mentors must have extensive knowledge of the industry, including regulations, products, and best practices.
  • Communication skills: Strong interpersonal and communication skills are required, as mentors will need to effectively convey information and provide feedback.
  • MFAA membership: Mentors must be current MFAA members in good standing.
  • Mentor training: Prospective mentors should complete a mentor training program approved by the MFAA.

Mentee Eligibility and Selection Criteria

  • New entrants: The program is designed for individuals who have recently entered the mortgage broking industry or are transitioning from a related field.
  • Licensing: Mentees must hold a valid Australian Credit License or be an authorised representative under a licensee.
  • Commitment to professional development: Mentees should demonstrate a strong commitment to continuous learning and improvement in their professional practice.

Mentoring Process

  • Duration of mentorship: The program will run for 12 months, with the possibility of extension upon mutual agreement between the mentor and mentee.
  • Frequency of meetings: Mentors and mentees will meet at least twice a month, either in-person or through virtual means, such as video conferencing.
  • Communication methods: In addition to scheduled meetings, mentors and mentees should maintain regular contact through phone, email, or other communication platforms.
  • Ongoing support and resources: Mentees will have access to relevant resources, including industry publications, training materials, and professional networks.

Program Content

  • Industry regulations and compliance: Mentors will provide guidance on navigating industry regulations and maintaining compliance with relevant laws and standards.
  • Product knowledge: Mentees will gain a deeper understanding of mortgage products and services, as well as how to effectively present them to clients.
  • Sales and marketing: Mentors will share strategies for building and maintaining a successful mortgage broking business, including lead generation, client acquisition, and retention.
  • Professional development: The program will focus on developing key skills, such as communication, negotiation, and problem-solving.
  • Networking opportunities: Mentors will introduce mentees to relevant industry networks, helping them to expand their professional connections.

Program Evaluation

  • Methods for assessing the program's success: Surveys, interviews, and other feedback mechanisms will be used to evaluate the effectiveness of the mentoring program.
  • Feedback from mentors and mentees: Both parties will be encouraged to provide feedback throughout the program to facilitate continuous improvement and ensure that the program meets the needs of all participants.